The two insurers reached an agreement on the key financial terms of a possible recommended cash offer for Zurich to acquire 100% of Beazley on February 4th, and Zurich has now been granted an extension of the PUSU deadline by more than two weeks.
The ‘Put up or Shut up’ (PUSU) deadline was initially set for Monday February 16th, 2026, meaning Zurich was required by no later than 5pm (London time) on that date to either announce a firm intention to make an offer for Beazley, or announce that it does not intend to make such an offer.
“As anticipated in the Joint Statement, Zurich has commenced a period of confirmatory due diligence and, with the support of the Board and management of Beazley, that process is progressing as planned. The parties are simultaneously discussing the detailed terms of the transaction and progressing definitive transaction documentation. Accordingly, the Board of Beazley has requested, and the Takeover Panel has consented to, an extension of the PUSU Deadline,” states Beazley in a recent statement.
As a result, the PUSU deadline has been extended to March 4th, 2026, so Zurich has until 5pm (London time) of that day to either confirm its intention to make an offer or announce that it will not be making such an offer to acquire the specialist insurer.
Back in January, it was reported that Beazley’s Board had rejected numerous proposals from Zurich across 2025 and 2026, explaining that they felt these proposals significantly undervalued the firm.
Zurich returned with an improved proposal of up to 1,335 pence per Beazley share on February 4th, 2026, which is the offer currently being discussed by the two firms.
